Our elite customer relationships with over 190 customers, including many of the top 20 biopharmaceutical companies. Today, this revenue carries a gross margin profile in the 50% range and is concentrated predominantly in large biopharma accounts running large-scale discovery programs and now also has traction in the clinical trial pipeline. Given this business is highly project-based and concentrated, revenue can be lumpy from quarter-to-quarter. We will continue the progress that Adam and his team made to diversify and expand the customer base and enhance revenue consistency and predictability. And we will apply our lean SBS principles to improve the gross margin profile of this business. We will also continue to execute on our authorized size program, which expanded to 17 sites in 2023.
This should continue to drive broader customer mix and higher-margin consumable revenue. We’re excited about the opportunity to leverage Standard BioTools legacy academic research relationships as a way to further evolve the SomaScan customer base. We see great opportunity over time to broaden our commercial reach for this best-in-class technology through our service offering, our certified site model and our commercial relationship with Illumina. Genomics opened our eyes to the blueprint of human function, but the proteome is the business end of that blueprint and an exciting and fast-growing field of research. Within proteomics we believe we are the only company with three next-gen technologies in the portfolio. First, our Hyperion XTi imager has the highest throughput and data quality in the spatial proteomics space.
Second, Titas is the only immune cell profiling technology that can distinguish more than 50 intracellular and extracellular markets at the same time. Third, starting in ’24, our SomaScan plasma proteomics offer the highest coverage of the proteom and lowest CV. In 2023, we returned our legacy Standard BioTools proteomics business to grow an increase of over 20% year-over-year with the launch of our Hyperion XTi imaging system as a major contributor to that growth. The system’s market-leading data quality and throughput continues to be very well received by existing and prospective customers as a solution and the emerging field of spatial proteomics for translational research. We plan to launch a new workflow model in the first half of 2024 that will improve customer workflow and by extension in time, consumable pull-through.
Flow by CyTOF is the only technology that can do a high number of both extracellular markers and intracellular markets, enabling our customers to gain biological insights that would otherwise go unnoticed using competing technologies. This is an important point of differentiation and should help support growth in 2024. With the addition of the Somascan platform and expansion of key customer accounts, we have an important differentiated solution for biopharma enabling the broadest coverage of the proteomic for discovery of important biomarkers and compelling new drug targets. Furthermore, with the authorized site expansion, we expect growth in the academic market where legacy Standard Bio traditionally plays to. In 2023, SomaLogic revenue grew over 20%.
In 2023, while the genomics revenue was down 7% in total and 4% excluding impact of discontinued product, the genomics business achieved a near-positive contribution margin and a small loss of $100,000 compared to a loss of more than $25 million in 2022. This is the type of business discipline you can expect from us. Genomics has been the backbone of life science discovery innovation for the last 40 years. And with the event a next-generation fast and cheap sequencing has been hyperbole fueled the golden age of biology. While our genomics business remains a strategic asset for us, it’s also a highly competitive market with increasing price competition and sensitivity as next-gen sequencing costs have greatly reduced over the past several years.
To that end, we are managing this business prudently and will incrementally invest in its continued growth only if we expect it to drive near-term incremental contribution margin. Post the strategic reposition, we delivered solid progress in 2023 and have consolidated our portfolio from five instruments to one, the Biomark nine. From this platform, we focus on being an OEM provider and strategic enabler to a core set of customers. With a significantly reduced genomic spend and focus on commercial approach, we have expanded our installed base with our major OEM partner, while targeting additional OEMs and high-volume key accounts to help return the segment to grow and enhance the Genomics segment’s contribution margin. In fact, earlier this week, we announced a long-term OEM agreement with Next Gen Diagnostics as our second major OEM agreement, this partnership with NGD in the field of petogene sample preparation reflects the advancement of our growth strategy, bringing domain focus and expertise that will broaden the impact of our microfluidic platform across vital sectors of life science.
As I mentioned earlier, with operational execution and the successful close of our merger with SomaLogic, we have established a strong foundation for a leadership position in the life science tools space. But we’re not naive to the work that lies ahead, we’re just getting started. As we look to the remainder of 2024 and beyond, we have a clear road map of key drivers of value and staying committed to delivery over the next months and quarters ahead is what you can expect from us. First, continued progress on merger integration and prioritization of strategic initiatives. We’re pleased to report that our merger integration activities are well underway with clear line of sight on several strategic, tactical and operating decisions and more work to do in others.
We look forward to our Q1 earnings call in May when we expect to provide an update on our initial 90-day strategic plan and priorities. In the meantime, we remain focused on running the business with the same level of operating discipline we’ve shown over the past seven quarters since we assumed leadership at Standard BioTools. Second, delivery on our cost synergies commitments. To reiterate, we expect the merger will deliver approximately $80 million in annual cost synergies by 2026 compared to our current combined operating expense run rate for the first half of 2023. This is a shared operating focus across the organization with several joint work streams already in place. While it would take a quarter or two to begin to see these efforts show up in the operating result, we expect to see meaningful reductions in our non-GAAP operating expenses in the second half of 2024, particularly in G&A.
We expect to have more than 50% of $40 million of our annualized target synergies implemented and operationalized by the end of the fourth quarter. Third, continued traction on revenue growth. Today, we provided revenue guidance for 2024 in the range of $200 million to $205 million, implying combined revenue growth of 4% to 7%. This is against the backdrop of both internal merger integration priorities and continued uncertainties from macroeconomic headwinds that we see continuing to play across the industry. Still, we remain confident in our growing pipeline of opportunities providing a good setup for an expanded growth profile into 2025 and beyond. This will all take patience, focus and time but we are confident in our ability to deliver, and we look forward to providing you with progress updates along the way.
